The Hill News

The United States is weathering the worst housing market since the Great Depression. It is a market meltdown that has left neighborhoods across America with high mortgage delinquency rates, far too many foreclosures, and far too many homeowners struggling with negative equity in their homes.

Regulators, legislators and housing stakeholders are now working to right these wrongs and restore integrity and confidence in our housing finance system.

We started last year with the Wall Street Reform and Consumer Protection Act of 2010 to improve supervision of our nation’s banks, increase transparency and enhance consumer protections for home mortgages. This bill by Senator Chris Dodd and Rep. Barney Frank gave clear direction to regulators how to restore prudence and security in mortgage lending.

It is my hope regulators will distinguish between responsible borrowers and lenders versus those who would repeat the mistakes of the past.

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